TaxTMI 
TaxTMI 
TaxTMI 
Tax on income of individuals, Hindu undivided family and others
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.... (2) are satisfied, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Up to Rs. 2,50,000 Nil 2. From Rs. 2,50,001 to Rs. 5,00,000 5 per cent. 3. From Rs. 5,00,001 to Rs. 7,50,000 10 per cent. 4. From Rs. 7,50,001 to Rs. 10,00,000 15 per cent. 5. From Rs. 10,00,001 to Rs. 12,50,000 20 per cent. 6. From Rs. 12,50,001 to Rs. 15,00,000 25 per cent. 7. Above Rs. 15,00,000 30 per cent.: Provided that where the person fails to satisfy the conditions contained in sub-section (2) in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and other provisions of this Act shall apply, as if the option had not been exercised for the assessment year rel....
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....iven in the following Table, namely:- TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 7,00,000 5 per cent. 3. From Rs. 7,00,001 to Rs. 10,00,000 10 per cent. 4. From Rs. 10,00,001 to Rs. 12,00,000 15 per cent. 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent. 6. Above Rs. 15,00,000 30 per cent.] 13[(iii) for any previous year relevant to the assessment year beginning on or after the 1st April, 2026, shall be computed at the rate of tax given in the following Table, namely:- Table Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 4,00,000 Nil 2. From Rs. 4,00,001 to Rs. 8,00,000 5 per cent. 3. From Rs. 8,00,001 to Rs. 12,00,000 1....
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....xcept clause (iia) of sub-section (1) of the said section, determined in such manner as may be prescribed; and (iv) without any exemption or deduction for allowances or perquisite, by whatever name called, provided under any other law for the time being in force. (3) The loss and depreciation referred to in clause (ii) of sub-section (2) shall be deemed to have been given full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year: Provided that where there is a depreciation allowance in respect of a block of assets which has not been given full effect to prior to the assessment year beginning on the 1st day of April, 2021, corresponding adjustment shall be made to the written down valu....
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..... Explanation.-For the purposes of this sub-section, the term "Unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).] (5) Nothing contained in this section shall apply unless option is exercised in the prescribed manner by the person,- (i) having income from business or profession, on or before the due date specified under sub-section (1) of section 139 for furnishing the returns of income for any previous year relevant to the assessment year commencing on or after the 1st day of April, 2021, and such option once exercised shall apply to subsequent assessment years; (ii) having income other than the income referred to in clause (i), alongwith the return of income ....
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....n the year in which it was exercised and thereafter, the person shall never be eligible to exercise the option under this sub-section, except where such person ceases to have any income from business or profession in which case, option under clause (ii) shall be available.] ************** NOTES:- 1. Inserted vide Section 53 of the Finance Act, 2020 w.e.f. 01-04-2021 2. Substituted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 before it was read as, "and Hindu undivided family" 3. Substituted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 before it was read as, "1st day of April, 2021" 4. Inserted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 5. Inserted ....
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....on (2) shall be modified to the extent that the deduction under section 80LA shall be available to such Unit subject to fulfilment of the conditions contained in the said section. Explanation.-For the purposes of this sub-section, the term "Unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005. (28 of 2005.)" 9. Inserted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 10. Inserted vide Section 52 of the Finance Act 2023 w.e.f. 01-04-2024 11. Substituted vide Section 37 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 before it was read as, "4[(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the inc....